Last year saw the largest increase in the number of billionaires, and their wealth, since the start of this century, widening the gap between Australia's richest and the rest of the nation.
The number of Australian billionaires grew by a third in 2017, and has more than doubled in the last decade, prompting calls for greater income equality in the country.
Australia added eight new billionaires in 2017, lifting the number to 33, while their overall wealth increased by around $38 billion and their total wealth sitting at around $115.4 billion.
Miners make up a large proportion of the nation's top 10 billionaires, Gina Rinehart, her daughter Bianca Rinehart, and Andrew Forrest - who made their wealth through iron ore mining - are joined by property and shopping centre magnates Harry Triguboff, Frank Lowy and John Gandel, Visy manufacturer Anthony Pratt, James Packer, Linfox transport owner Lindsay Fox, and Atlassian co-founder Mike Cannon-Brookes.
Credit Suisse data shows the level of wealth held by the top one per cent richest Australians in 2017 also grew 23 per cent, up from 22 per cent the previous year, while the wealth of the bottom 50 per cent fell and wage growth stagnated.
The latest Organisation for Economic Cooperation and Development (OECD) data shows that Australia's Gini coefficient - a measure of income or wealth distribution of a nation - was 0.33 in 2014, ranking the country 22nd, behind the majority of the 35 OECD countries.
An Oxfam report has slammed this growing level of inequality between Australia's richest and the rest of society.
The Oxfam analysis was released ahead of the World Economic Forum in Davos, Switzerland.
"Over the decade since the Global Financial Crisis, the wealth of Australian billionaires has increased by almost 140 per cent to a total of $115.4 billion last year. Yet over the same time, the average wages of ordinary Australians have increased by just 36 per cent and average household wealth grew by 12 per cent," Oxfam Australia chief executive Dr Szoke said.
"The richest one per cent of Australians continue to own more wealth than the bottom 70 per cent of Australians combined. While everyday Australians are struggling more and more to get by, the wealthiest groups have grown richer and richer," she said.
Oxfam Australia called for the Australian government to implement a stronger tax system, including halting cuts to corporate tax regimes.
Australia's current statutory corporate tax rate is 30 per cent. However, the government wants to reduce it to 25 per cent.
"Hard work is no longer a guarantee for a better life - the system is clearly not working for a majority of people," Dr Szoke said.
"The Federal government and Australian companies cannot ignore this inequality crisis and must act to curtail the widening gulf between the super-rich and ordinary workers."
Dr Szoke also called for greater tax transparency laws and requiring companies to publically report on income, taxes, and profits for all countries in which they operate.
Late last year it was revealed that a number of major Australian businesses paid no tax whatsoever in 2015-2016.
"Our big concern is that, all too often, morally or ethically bad behaviour can be perfectly legal," Dr Szoke told Fairfax Media.
"Where tax dodging is allowed to run rampant, where exploiting workers is celebrated as ???efficient' and where maximising returns to rich shareholders at any cost is seen as the sole objective of business, it's clear fundamental changes are needed in the way we manage our economies."
